Marubozu candle in daily timeframe signals strength in the reversal seen yesterday. Powered by optimism of August F&O expiry, the index could aim 24550-24600. However, the weekly candle formation still favors weakness. For the day, consider going long initially aiming 24550-24600 and take a cautious stance near the upper extremity. Fresh longs beyond 24600 would depend on the sustainability of the index. On the downside, immediate support for the day lies near 24,350 and a breach of which will open up 24200. We continue to maintain our stance that a move below 24,000 could lead to further downside risks, with the next support zone lying between 23,055 and 23,000.


 

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